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November 26, 2020

Singapore’s Temasek partners with A*Star for food-tech innovation hub

Singapore plans to set up a tech centre to help nurture companies manufacturing alternative food products.

By Dean Best

Singapore’s Temasek, a state-owned investment company, is partnering with local firm A*Star to establish a food-tech innovation centre to support start-ups in the areas of alternative-proteins, cell-cultured meat and seafood. 

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Temasek has signed a memorandum of understanding with A*Star – or the Agency for Science, Technology and Research, which comes under the purview of the ministry for trade and industry – and they will develop the detailed plans for the centre in the “coming months”. It will feature wet labs and kitchens and pilot manufacturing facilities, as well as advisory support in areas such as marketing.

A key aim is to “accelerate commercialisation of promising food-tech” start-ups in the city-state, which is home to companies such as Shiok Meats, Next Gen, Growthwell and TurtleTree Labs. Known more as a global financial centre with limited agricultural land, Singapore is embracing the new technologies to reduce its reliance on food imports, and to that effect launched a new initiative last year.

Temasek is an active investor in the sectors, including US-based Impossible Foods and Memphis Meats, and The China Food Tech Hub formed in 2019 by Shanghai-based venture capital fund Bits X Bites. A host of global food manufacturers have joined the Hub such as General Mills, Danone and Nestlé.

The state investment firm said there is a “need to improve the overall food chain in order to ensure food security for the future” amid predictions the global population will rise to 9.8 billion by 2050 from 7.7 billion. It said Asia alone will have a populous 250 million larger by the end of the current decade, with many younger consumers in the region now demanding more ethical foods that are easy on the environment.

“We are excited by the opportunities in innovative and sustainable solutions in order to produce more with less, as well as produce better food for the environment and better food for us,” Temasek said.

Related Companies

Free Report
img

Spot leading innovative companies with GlobalData’s Innovation Scorecard

Innovation remains a necessity in a disruptive ecosystem, as continuous innovation allows companies to adapt, evolve, and grow through disruption. Using our in-house alternative datasets, we are excited to launch GlobalData’s Innovation Scorecard. This scorecard will allow clients to rank 3,500+ companies on their innovation activity, impact, and disruptive potential across geography, sector, and theme. The scorecard provides a data-driven framework to rank leading companies on the potential of their intellectual property (IP) portfolio. GlobalData’s Innovation Scorecard focuses not only on the activity of innovation in the organization but also on its impact and disruptive potential using the 3I framework: Intensity, Impact, and Ingenuity. The tool helps clients to identify the most innovative companies that are disruptive leaders and challengers and can create alpha for their portfolio using the insights driven by 19+ high-value KPIs. Download our report to find out more about this innovative tool. Key findings derived from this tool include:
  • Alphabet, Tencent, and Qualcomm are the top three innovative companies in the last 10 years
  • The scorecard finds Technology & Communications and Pharma & Healthcare as the two main sectors driving innovation
  • Loreal placed as ‘Disruptive Leader’ in the Consumer sector, while Revlon has been identified as a traditional laggard
  • Companies such as Etsy and H&M are challenging retail ‘Disruptive Leaders’ Amazon and Walmart
by GlobalData
Enter your details here to receive your free Report.

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